Economics Quotes

Taxation is the price we pay for failing to build a civilized society. The higher the tax level, the greater the failure. A centrally planned totalitarian state represents a complete defeat for the civilized world, while a totally voluntary society represents its ultimate success.

~ Mark Skousen

The law-abiding citizen by his labor serves both himself and his fellow man and thereby integrates himself peacefully into the social order. The robber, on the other hand, is intent, not on honest toil, but on the forcible appropriation of the fruits of others' labor.

~ Ludwig Von Mises

A limited state with free economic systems is the soil where the liberty tree blossoms.

~ Orrin Woodward

Look, America is no more a democracy than Russia is a Communist state. The governments of the U.S. and Russia are practically the same. There's only a difference of degree. We both have the same basic form of government: economic totalitarianism. In other words, the settlement to all questions, the solutions to all issues are determined not by what will make the people most healthy and happy in the bodies and their minds but by economics. Dollars or rubles. Economy uber alles. Let nothing interfere with economic growth, even though that growth is castrating truth, poisoning beauty, turning a continent into a shit-heap and riving an entire civilization insane. Don't spill the Coca-Cola, boys, and keep those monthly payments coming.

~ Tom Robbins

[Walmart]s largest innovation consists in getting rid of the central Fordist principle of paying the workers enough so that they can afford to buy what they manufacture. Instead, WalMart has pioneered the inverse principle: paying the workers so little that they cannot afford to shop anywhere other than at WalMart. It might even be said, not too hyperbolically, that WalMart has singlehandedly preserved the American economy from total collapse, in that their lowered prices are the only thing that has allowed millions of the “working poor” to retain the status of consumers at all, rather than falling into the “black hole” of total immiseration. WalMart is part and parcel of how the “new economy” has largely been founded upon transferring wealth from the less wealthy to the already-extremely-rich.

~ Steven Shaviro

[I]n communism, you'd threaten a dog into compliance, while in capitalism, obedience is obtained through bribes.

~ Adam Johnson

When did a free country start to mean free enterprise? Who sold Democracy out for a golden calf we got to idolize?

~ Trevor D. Richardson

It was mid-November 2008. There were pirates taking ships with impunity in African waters, terrorists punching holes in Indian security, China sinking towards depression because Americans were afraid to buy cheap goods for Christmas, and the richest nation in the history of the world was talking about how to keep a budget.

~ Walter Mosley

It was the American middle class. No one's house cost more than two or three year's salary, and I doubt the spread in annual wages (except for the osteopath) exceeded more than five thousand dollars. And other than the doctor (who made house calls), the store managers, the minister, the salesman, and the banker, everyone belonged to a union. That meant they worked a forty-hour week, had the entire weekend off (plus two to four weeks' paid vacation in the summer), comprehensive medical benefits, and job security. In return for all that, the country became the most productive in the world and in our little neighborhood it meant your furnace was always working, your kids could be dropped off at the neighbors without notice, you could run next door anytime to borrow a half-dozen eggs, and the doors to all the homes were never locked -- because who would need to steal anything if they already had all that they needed?

~ Michael Moore

The man who is admired for the ingenuity of his larceny is almost always rediscovering some earlier form of fraud. The basic forms are all known, have all been practiced. The manners of capitalism improve. The morals may not.

~ John Kenneth Galbraith

It might be worthwhile to take a familiar question—why is there so much crime in modern society?—and stand it on its head: why isn't there a bit more crime?After all, every one of us regularly passes up opportunities to main, steal, and defraud. The chance of going to jail—thereby losing your job, your house, and your freedom, all of which are essentially economic penalties—is certainly a strong incentive. But when it comes to crime people also respond to moral incentives (they don't want to do something they consider wrong) and social incentives (they don't want to be seen by others as doing something wrong).

~ Steven D. Levitt

In a system of full capitalism, there should be (but, historically, has not yet been) a complete separation of state and economics, in the same way and for the same reasons as the separation of state and church.

~ Ayn Rand

The use of market values and technology as a social barometer has devalued the worth of individuals, rendered irrelevant the quality of their lives, and stunted their creativity.

~ Sulak Sivaraksa

Fearful of wasting a second, we hoard time as if it were money.

~ Sharon Salzberg

Regular crises perpetuate the past by reinvigorating cycles which started long ago. In contrast, (capital-C) Crises are the past's death knell. They function like laboratories in which the future is incubated. They have given us agriculture and the industrial revolution, technology and the labour contract, killer germs and antibiotics. Once they strike, the past ceases to be a reliable predictor of the future and a brave new world is born.

~ Yanis Varoufakis

He who makes $25,000 annually through passive income is more enviable than he who earns $100,000 annually through a salary.

~ Mokokoma Mokhonoana

All governments stress an employment-intensive force of production, but are unwilling to recognize that jobs can also destroy the use-value of free time. They all stress a more objective and complete professional definition of people's needs, but are insensitive to the consequent expropriation of life.

~ Ivan Illich

In recent years a smaller share of young adults has been employed than at any time since the Bureau of Labor Statistics started tracking such trends in 1948. So it's not surprising that this generation of youthful protesters has a different focus for their grievances: the economy, stupid. But notice the targets they've chosen to demonize. It's all about class, not age. It's 1% versus 99%, not young versus old. Occupy Wall Street, not Occupy Leisure World.

~ Pew Research Center

Most of us are pseudo-scholars...for we are a very large and quite a powerful class, eminent in Church and State, we control the education of the Empire, we lend to the Press such distinction as it consents to receive, and we are a welcome asset at dinner-parties.Pseudo-scholarship is, on its good side, the homage paid by ignorance to learning. It also has an economic side, on which we need not be hard. Most of us must get a job before thirty, or sponge on our relatives, and many jobs can only be got by passing an exam. The pseudo-scholar often does well in examination (real scholars are not much good), and even when he fails he appreciates their inner majesty. They are gateways to employment, they have power to ban and bless. A paper on King Lear may lead somewhere, unlike the rather far-fetched play of the same name. It may be a stepping-stone to the Local Government Board. He does not often put it to himself openly and say, That's the use of knowing things, they help you to get on. The economic pressure he feels is more often subconscious, and he goes to his exam, merely feeling that a paper on King Lear is a very tempestuous and terrible experience but an intensely real one. ...As long as learning is connected with earning, as long as certain jobs can only be reached through exams, so long must we take the examination system seriously. If another ladder to employment were contrived, much so-called education would disappear, and no one be a penny the stupider.

~ E.m. Forster

The employment equation used to be built on a foundation of two-way loyalty. The world has changed. Today, successful employment relationships can only be sustained on a foundation of two-way honesty

~ Gyan Nagpal

Careers increasingly come with a reboot button, and companies that realize this early possess a competitive talent advantage

~ Gyan Nagpal

People used to make money, but somewhere along the way, it started making us.

~ Trevor D. Richardson

An environment of infinite economic expansion is unsustainable in a world of finite resources.

~ Bryant Mcgill

Copyright law has got to give up its obsession with 'the copy.' The law should not regulate 'copies' or 'modern reproductions' on their own. It should instead regulate uses--like public distributions of copies of copyrighted work--that connect directly to the economic incentive copyright law was intended to foster.

~ Lawrence Lessig

Ban privileges. The rules of the game should be the same to all players, regardless of their size, location, or any other criteria

~ Miguel Reynolds Brandao

This is the permanent tension that lies at the heart of a capitalist democracy and is exacerbated in times of crisis. In order to ensure the survival of the richest, it is democracy that has to be heavily regulated rather than capitalism.

~ Tariq Ali

A market economy is to economics what democracy is to government: a decent, if flawed, choice among many bad alternatives.

~ Charles Wheelan

I would go one step further and say that the willingness to challenge professional economists - and other experts - should be the foundation of democracy. When you think about it, if all we have to do is to listen to the experts, what is the point of having a democracy at all? Unless we want our societies to be run by a body of self-elected experts, we all have to learn economics and challenge professional economists

~ Ha-Joon Chang

ethanol may actually make some kinds of air pollution worse. It evaporates faster than pure gasoline, contributing to ozone problems in hot temperatures. A 2006 study published in the Proceedings of the National Academy of Sciences concluded that ethanol does reduce greenhouse gas emissions by 12 percent relative to gasoline, but it calculated that devoting the entire U.S. corn crop to make ethanol would replace only a small fraction of American gasoline consumption. Corn farming also contributes to environmental degradation due to runoff from fertilizer and pesticides.But to dwell on the science is to miss the point. As the New York Times noted in the throes of the 2000 presidential race, ―Regardless of whether ethanol is a great fuel for cars, it certainly works wonders in Iowa campaigns. The ethanol tax subsidy increases the demand for corn, which puts money in farmers‘ pockets. Just before the Iowa caucuses, corn farmer Marvin Flier told the Times, ―Sometimes I think [the candidates] just come out and pander to us, he said. Then he added, ―Of course, that may not be the worst thing. The National Corn Growers Association figures that the ethanol program increases the demand for corn, which adds 30 cents to the price of every bushel sold.Bill Bradley opposed the ethanol subsidy during his three terms as a senator from New Jersey (not a big corn-growing state). Indeed, some of his most important accomplishments as a senator involved purging the tax code of subsidies and loopholes that collectively do more harm than good. But when Bill Bradley arrived in Iowa as a Democratic presidential candidate back in 1992, he ―spoke to some farmers‖ and suddenly found it in his heart to support tax breaks for ethanol. In short, he realized that ethanol is crucial to Iowa voters, and Iowa is crucial to the presidential race.

~ Charles Wheelan

Think about ethanol again. The benefits of that $7 billion tax subsidy are bestowed on a small group of farmers, making it quite lucrative for each one of them. Meanwhile, the costs are spread over the remaining 98 percent of us, putting ethanol somewhere below good oral hygiene on our list of everyday concerns. The opposite would be true with my plan to have left-handed voters pay subsidies to right-handed voters. There are roughly nine right-handed Americans for every lefty, so if every right-handed voter were to get some government benefit worth $100, then every left-handed voter would have to pay $900 to finance it. The lefties would be hopping mad about their $900 tax bills, probably to the point that it became their preeminent political concern, while the righties would be only modestly excited about their $100 subsidy. An adept politician would probably improve her career prospects by voting with the lefties.Here is a curious finding that makes more sense in light of what we‘ve just discussed. In countries where farmers make up a small fraction of the population, such as America and Europe, the government provides large subsidies for agriculture. But in countries where the farming population is relatively large, such as China and India, the subsidies go the other way. Farmers are forced to sell their crops at below-market prices so that urban dwellers can get basic food items cheaply. In the one case, farmers get political favors; in the other, they must pay for them. What makes these examples logically consistent is that in both cases the large group subsidizes the smaller group.In politics, the tail can wag the dog. This can have profound effects on the economy.

~ Charles Wheelan

We all know that 97% of the money in the world doesn't exist and that's thanks to Fractional Reserve Banking, or should I say fictional reserve banking. He grinned at his own joke, his smile partly hidden by his hair, Money is no longer attached to the Gold Standard, therefore, it isn't based on anything. So when it says, 'I promise to pay the bearer on demand ten pounds,' I have to ask, ten pounds of what? Silence. The world is owned by the rich shareholder, the rich superstar, the rich industrialist, the rich aristocracy. He was now marching around the stage, It doesn't matter who or what they are, if they're rich then they own a part of the world, but they only own it because they've got lots of money. Which means they own part of the 97% of the world’s fictional money, the pretend money that only exists on a computer. He stopped abruptly and stared out at the audience, Which means that if they cashed in their fictional nonexistent money they'd get something like this ten pound note offering to pay the bearer the sum of ten pounds of nothing. He held the note aloft, Which means the rich have managed to buy the entire world with paper nothing that has a value of nothing and we've let them do it.

~ Arun D. Ellis

It is hard to understand how a compassionate world order can include so many people afflicted by acute misery, persistent hunger and deprived and desperate lives, and why millions of innocent children have to die each year from lack of food or medical attention or social care. This issue, of course, is not new, and it has been a subject of some discussion among theologians. The argument that God has reasons to want us to deal with these matters ourselves has had considerable intellectual support. As a nonreligious person, I am not in a position to assess the theological merits of this argument. But I can appreciate the force of the claim that people themselves must have responsibility for the development and change of the world in which they live. One does not have to be either devout or non devout to accept this basic connection. As people who live-in a broad sense-together, we cannot escape the thought that the terrible occurrences that we see around us are quintessentially our problems. They are our responsibility-whether or not they are also anyone else's. As competent human beings, we cannot shirk the task of judging how things are and what needs to be done. As reflective creatures, we have the ability to contemplate the lives of others. Our sense of behavior may have caused (though that can be very important as well), but can also relate more generally to the miseries that we see around us and that lie within our power to help remedy. That responsibility is not, of course, the only consideration that can claim our attention, but to deny the relevance of that general claim would be to miss something central about our social existence. It is not so much a matter of having the exact rules about how precisely we ought to behave, as of recognizing the relevance of our shared humanity in making the choices we face.

~ Amartya Sen

He tried to read an elementary economics text; it bored him past endurance, it was like listening to somebody interminably recounting a long and stupid dream. He could not force himself to understand how banks functioned and so forth, because all the operations of capitalism were as meaningless to him as the rites of a primitive religion, as barbaric, as elaborate, and as unnecessary. In a human sacrifice to deity there might be at least a mistaken and terrible beauty; in the rites of the moneychangers, where greed, laziness, and envy were assumed to move all men's acts, even the terrible became banal.

~ Ursula K. Le Guin

Well first of all, tell me: Is there some society you know that doesn’t run on greed? You think Russia doesn’t run on greed? You think China doesn’t run on greed? What is greed? Of course, none of us are greedy, it’s only the other fellow who’s greedy. The world runs on individuals pursuing their separate interests. The great achievements of civilization have not come from government bureaus. Einstein didn’t construct his theory under order from a bureaucrat. Henry Ford didn’t revolutionize the automobile industry that way. In the only cases in which the masses have escaped from the kind of grinding poverty you’re talking about, the only cases in recorded history, are where they have had capitalism and largely free trade. If you want to know where the masses are worse off, worst off, it’s exactly in the kinds of societies that depart from that. So that the record of history is absolutely crystal clear, that there is no alternative way so far discovered of improving the lot of the ordinary people that can hold a candle to the productive activities that are unleashed by the free-enterprise system.

~ Milton Friedman

It’s true: greed has had a very bad press. I frankly don’t see anything wrong with greed. I think that the people who are always attacking greed would be more consistent with their position if they refused their next salary increase. I don’t see even the most Left-Wing scholar in this country scornfully burning his salary check. In other words, greed simply means that you are trying to relieve the nature given scarcity that man was born with. Greed will continue until the Garden of Eden arrives, when everything is superabundant, and we don’t have to worry about economics at all. We haven’t of course reached that point yet; we haven’t reached the point where everybody is burning his salary increases, or salary checks in general.

~ Murray N. Rothbard

After the collapse of socialism, capitalism remained without a rival. This unusual situation unleashed its greedy and - above all - its suicidal power. The belief is now that everything - and everyone - is fair game.

~ Günter Grass

The decadent international but individualistic capitalism in the hands of which we found ourselves after the war is not a success. It is not intelligent. It is not beautiful. It is not just. It is not virtuous. And it doesn't deliver the goods.

~ John Maynard Keynes

To whom is an international corporation answerable? Often they do not employ workers. They outsource manufacturing to places far away. If wages rise in one place, they can, almost instantly, transfer production to somewhere else. If a tax regime in one country becomes burdensome, they can relocate to another. To whom, then, are they accountable? By whom are they controllable? For whom are they responsible? To which group of people other than shareholders do they owe loyalty? The extreme mobility, not only of capital but also of manufacturing and servicing, is in danger of creating institutions that have power without responsibility, as well as a social class, the global elite, that has no organic connection with any group except itself.

~ Jonathan Sacks

Scholars have long debated whether capital markets lead to appropriate levels of saving and investment for future generations.

~ David L. Weimer

If the world were full of the self-seeking individuals found in economics textbooks, it would grind to a halt because we would be spending most of our time cheating, trying to catch the cheaters, and punishing the caught. The world works as it does only because people are not the totally self seeking agents that free-market economics believes them to be. We need to design an economic system that, while acknowledging that people are often selfish, exploits other human motives to the full and gets the best out of people. The likelihood is that, if we assume the worst about people, we will get the worst out of them.

~ Ha-Joon Chang